Cargado shared on Monday that it has received $6.8 million in funding to help it grow its team and improve its product. This money, called seed funding, comes from investors who believe in Cargado’s potential.
Primary Venture Partners led this funding round, with others like Ironspring Ventures, Zenda Capital, Wischoff Ventures, Proeza Ventures, and a new investor called RyderVentures also chipping in. Earlier, in January, Cargado got $3 million in pre-seed funding.
Cargado began in October 2023 by Matt Silver, who is the CEO, and Rylan Hawkins, who is the chief technology officer. They have big plans for Cargado, especially in making shipping between the U.S. and Mexico smoother. Silver didn’t give too many details about how Cargado will do this just yet, but he’s confident that there are lots of ways technology can make shipping better.
Matt Silver has experience in this field. Before Cargado, he started another company called Forager in 2018. Zach Fredericks from Primary Venture Partners thinks highly of Silver, especially because of his work with Forager. Fredericks believes that investing in technology can make supply chains, which are the ways goods get from where they’re made to where they’re needed, stronger and more reliable.
Fredericks also sees a big opportunity in something called “nearshoring,” which means making products closer to where they’ll be sold. He thinks there’s room for technology to make shipping between Mexico, the U.S., and Canada easier and cheaper.
With this new funding, Cargado plans to hire more people, especially data engineers, and expand its team in places like Chicago, Atlanta, Seattle, and Laredo, Texas. They’re also opening an office in Monterrey, Mexico. They’ve already started offering their product to customers, and the response has been great. People like how easy it is to use, which makes sense since Silver and Hawkins know a lot about the shipping business.
Overall, Cargado is excited about the future and how technology can make shipping smoother for everyone involved.
